A.V.S.: what changed
Two financial years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
A.V.S.
Largest movements
- Stocks and contracts -€274,349
no longer reported in 2025 (was €274,349)
- Cash +€161,002
up €161,002 (+199%), from €80,984 to €241,986
mainly Stocks and contracts (+€274,349) and Net result for the year (+€135,797)
- Receivables within one year +€37,973
up €37,973 (+79.2%), from €47,953 to €85,926
of which Trade receivables: +€37,728
- Current investments +€18,541
up €18,541 (+25.8%), from €71,736 to €90,277
- Short-term financial debts -€131,764
no longer reported in 2025 (was €131,764)
- Reserves +€128,761
up €128,761 (+53.7%), from €239,668 to €368,429
- Trade debts -€30,550
down €30,550 (-84.7%), from €36,056 to €5,506
- Other debts -€14,163
down €14,163 (-49.4%), from €28,687 to €14,525
- Current portion of long-term debt -€9,414
no longer reported in 2025 (was €9,414)
- Gross operating margin +€199,030
up €199,030 (+191%), from €104,477 to €303,507
- Taxes +€61,137
up €61,137 (+9,141%), from €669 to €61,805
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Derived cash bridge
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €493,251 | €442,904 | -€50,347 | -10.2% |
| Fixed assets | 21/28 | €17,410 | €19,106 | +€1,696 | +9.7% |
| Tangible fixed assets | 22/27 | €17,410 | €19,106 | +€1,696 | +9.7% |
| Plant, machinery and equipment | 23 | - | €3,419 | +€3,419 | |
| Furniture and vehicles | 24 | €15,907 | €11,430 | -€4,477 | -28.1% |
| Other tangible fixed assets | 26 | €1,503 | €4,257 | +€2,753 | +183% |
| Current assets | 29/58 | €475,841 | €423,798 | -€52,043 | -10.9% |
| Stocks and contracts in progress | 3 | €274,349 | - | -€274,349 | |
| Stocks | 30/36 | €274,349 | - | -€274,349 | |
| Amounts receivable within one year | 40/41 | €47,953 | €85,926 | +€37,973 | +79.2% |
| Trade receivables | 40 | €8,772 | €46,500 | +€37,728 | +430% |
| Other amounts receivable | 41 | €39,181 | €39,426 | +€245 | +0.6% |
| Current investments | 50/53 | €71,736 | €90,277 | +€18,541 | +25.8% |
| Cash at bank and in hand | 54/58 | €80,984 | €241,986 | +€161,002 | +199% |
| Deferred charges and accrued income | 490/1 | €818 | €5,609 | +€4,791 | +585% |
| Total equity and liabilities | 10/49 | €493,251 | €442,904 | -€50,347 | -10.2% |
| Equity | 10/15 | €262,906 | €391,667 | +€128,761 | +49.0% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €239,668 | €368,429 | +€128,761 | +53.7% |
| Distributable reserves | 133 | €239,668 | €368,429 | +€128,761 | +53.7% |
| Profit (loss) carried forward | 14 | €4,688 | €4,688 | = | 0.0% |
| Amounts payable | 17/49 | €230,345 | €51,236 | -€179,108 | -77.8% |
| Amounts payable within one year | 42/48 | €230,264 | €51,236 | -€179,027 | -77.7% |
| Current portion of amounts payable after more than one year | 42 | €9,414 | - | -€9,414 | |
| Financial debts | 43 | €131,764 | - | -€131,764 | |
| Credit institutions | 430/8 | €131,764 | - | -€131,764 | |
| Trade debts | 44 | €36,056 | €5,506 | -€30,550 | -84.7% |
| Suppliers | 440/4 | €36,056 | €5,506 | -€30,550 | -84.7% |
| Taxes, remuneration and social security | 45 | €24,342 | €31,205 | +€6,864 | +28.2% |
| Taxes | 450/3 | €22,324 | €31,205 | +€8,882 | +39.8% |
| Remuneration and social security | 454/9 | €2,018 | - | -€2,018 | |
| Other amounts payable | 47/48 | €28,687 | €14,525 | -€14,163 | -49.4% |
| Accrued charges and deferred income | 492/3 | €81 | - | -€81 | |
| Non-recurring operating income | 76A | - | €826 | +€826 | |
| Remuneration, social security and pensions | 62 | €80,352 | €80,810 | +€458 | +0.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,812 | €15,152 | -€660 | -4.2% |
| Other operating charges | 640/8 | €5,087 | €4,265 | -€822 | -16.2% |
| Gross operating margin | 9900 | €104,477 | €303,507 | +€199,030 | +191% |
| Operating profit (loss) | 9901 | €3,227 | €203,281 | +€200,054 | +6,199% |
| Financial income | 75/76B | €712 | €2,208 | +€1,496 | +210% |
| Recurring financial income | 75 | €712 | €2,208 | +€1,496 | +210% |
| Financial charges | 65/66B | €10,468 | €7,886 | -€2,581 | -24.7% |
| Recurring financial charges | 65 | €10,468 | €7,886 | -€2,581 | -24.7% |
| Profit (loss) for the period before taxes | 9903 | -€6,528 | €197,603 | +€204,131 | |
| Income taxes | 67/77 | €669 | €61,805 | +€61,137 | +9,141% |
| Profit (loss) for the period | 9904 | -€7,197 | €135,797 | +€142,994 | |
| Profit (loss) for the period to be appropriated | 9905 | -€7,197 | €135,797 | +€142,994 |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 17 October 2026 via checked.be.